Theme DeveloperPremium Member

Sure it can, manually, record you saying their name or ask them to record them saying their name or whatever, save it as a ringtone and select it under their contact options as their individual ringtone.

But as far as the phone reading all the individual contact names automatically, converting the text to speech, and announcing it I'm not sure it can do that... unless there is something in the Accessibilty Menu that can do that.